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5 Reasons to Use Risk Management Software

Laptop, pens, paper and plants on office desk

There are dozens of great reasons why individuals and organisations working in risk management should be using dedicated software, but below we’ve compiled five great and practical reasons that stand out:

1. Keep Everyone Updated Regularly

Working as a project manager or risk compliance officer in a busy office poses unique challenges which are only exacerbated with more employees working remotely. Who is showing up to meetings and who is on maternity leave or paid time off, for example?

Without risk management software, you’ll have to remember all of these incidents so that you can provide relevant meeting notes or project updates to get everyone on the same page. That’s a lot of administrative work and it often goes awry, so why bother when risk management software can keep track of all of this and update all users with relevant information at the click of a button?

2. Superior Reliability

Sharing spreadsheets by email and ensuring that everyone who needs access has it can be awfully cumbersome. Does everyone have the same version of the file? Are new employees being added to the permissions list of the relevant file(s)? Perhaps someone is editing an older version of the file only to find out that now you’ve got to integrate their work into the current version.

Risk management software consolidates all of this under one easy roof. No more sending out emails asking for the latest version of a file. Give everyone access and they can find out exactly what up-to-date information they need at the click of a button.

3. Organise Information Better

When staff go into retirement, they take all of their knowledge of the business with them. Handover notes and transition notes can certainly help the rest of the team, but having everything under one roof is far better.

Risk management software keeps a digital history of all projects, including business information passed down by staff who may be leaving or retiring from the organisation so that it isn’t lost and instead kept for future reference.

4. Collaborative By Nature

Every good piece of software nowadays tends to be going towards collaboration, and it makes good sense. Even decades-old Microsoft has made the switch to collaborative Microsoft 365, but Risk Wizard was truly designed with collaboration in mind.

Connect all key stakeholders to your projects so that anyone can see and work on individual records in real time. Better communications, better teams.

5. Safety & Security

Data security is big business, with the cost of data breaches nowadays costing in the area of around $3.86 million. What makes matters more complex is the growing number of jurisdictions such as the European Union’s GDPR which applies to Australians, too, provided that they operate in a commercial capacity with citizens of the EU.

With Risk Wizard, you can safely add permissions to current key stakeholders and revoke editing permissions at any time, such as in the case of retired employees. Furthermore, you can track and edit changes to key variables such as formulae and records containing sensitive data to ensure that data integrity is in place.

Get a Demo

Experience quality risk management software by giving Risk Wizard a go today. Our comprehensive software suite is ideal for risk management, compliance, and incidence reporting and has all of the features you need to manage organisational risk.

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